Income Tax Election. If the EMPLOYEE makes an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, the EMPLOYEE shall provide to the COMPANY a copy of such election within thirty (30) days of the filing of such election with the Internal Revenue Service.
Income Tax Election. In accordance with the requirements of the Tax Act, the regulations thereunder, the administrative practice and policy of the Canada Revenue Agency and any applicable equivalent or corresponding provincial or territorial legislative, regulatory and administrative requirements, Buyer and Seller shall make and file, in a timely manner, a joint election(s) to have the rules in subsection 20(24) of the Tax Act, and any equivalent or corresponding provision under applicable provincial or territorial tax legislation, apply to the obligations of Buyer in respect of undertakings which arise from the operation of the Business and to which paragraph 12(1)(a) of the Tax Act applies. Buyer and Seller acknowledge that Seller is transferring assets to Buyer which have a value equal to the elected amount as consideration for the assumption by Buyer of such obligations of Seller.
Income Tax Election. The Buyer and the Seller agree to jointly elect in the prescribed form under Section 22 of the Tax Act as to the sale of all accounts receivable, trade accounts, notes receivable, book debts and other debts due or accruing due to the Seller and forming part of the Acquired Assets and described in Section 22 of the Tax Act, and to designate in such election an amount equal to the portion of the Purchase Price allocated to such assets pursuant to Section 2(f) hereof as the consideration paid by the Buyer therefor.
Income Tax Election. Notwithstanding any other provision herein, the rights and liabilities hereunder are several and not joint or collective and this Agreement shall not constitute a partnership. If for federal income tax purposes this Agreement and the operations or activity hereunder are regarded as a partnership, then for federal income tax purposes each party elects to be excluded from the application of all provisions of Subchapter K, Chapter 1, Subtitle A, Internal Revenue Code of 1986 as amended ("Code"), as permitted and authorized by Section 761 of said Code and the regulations promulgated thereunder. Texaco is hereby authorized and directed to execute on behalf of each party such evidence of this election as may be required, including specifically, but not by way of limitation, all of the returns, statements and data required by law. Should there be any requirement that each party further evidence this election, each party agrees to execute such documents and furnish such other evidence as may be required. Each party further agrees not to give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax law of the United States or any state contains provisions similar to those contained in Subchapter K, Chapter 1, Subtitle "A" of the Code, under which an election similar to that provided by Section 761 of said Subchapter K is permitted, each party agrees to make such election as may be permitted by such laws. In making this election, each party states that the income derived by it from the operations or activities under this Agreement can be adequately determined without the computation of partnership taxable income. The provisions of this Article 15 shall not affect or demise the Parties rights and obligations under any Farmout Agreement or Sublease entered into pursuant to this Agreement. ARTICLE 16
Income Tax Election. The parties hereto covenant and agree that, for income and corporation tax purposes, the acquisition cost to the Purchaser and the proceeds of disposition to the Vendors of the Divested Assets shall be deemed to be the amounts set forth in Schedule 4.3 as the Elected Amounts and, at the written request of HCo, the parties shall jointly make, execute and file with the appropriate Governmental Entities the elections required under subsection 85(1) of the Income Tax Act (Canada) and the applicable provisions of the corresponding provincial legislation, if any, in prescribed form and within the prescribed time to give effect to the foregoing. The Purchaser hereby irrevocably appoints HCo as its agent and attorney to sign such election form.
Income Tax Election. The Transferee hereby agrees, at the request and sole discretion of the Transferor, to make a joint election with the Transferor under subsection 85(1) of the Tax Act (and any equivalent or corresponding provisions of any applicable provincial or territorial tax legislation), within the prescribed time and in the prescribed manner, in respect of the transfer of the Transferred Assets by the Transferor to the Transferee at an agreed amount, in respect of each Transferred Asset, determined by the Transferor in its sole discretion (subject in each case to the limitations imposed pursuant to subsection 85(1) of the Tax Act and any equivalent or corresponding provisions of any applicable provincial or territorial tax legislation), in order to minimize any income tax otherwise payable by the Transferor in connection with the transfer of the Transferred Assets to the Transferee and the distribution by the Transferor of the Distribution Transferee Shares to the Participating Former Securityholders pursuant to the Plan of Arrangement.
Income Tax Election. The Purchaser (and any Acquiring Entity resident in Canada) and the Seller agree to elect jointly in the prescribed form under section 22 of the Tax Act as to the sale of all of the Purchased Assets that are accounts receivable and described in section 22 of the Tax Act and to designate in such election an amount equal to the portion of the Purchase Price allocated to such assets pursuant to Section 5.03(a) as the consideration paid by the Purchaser (and any Acquiring Entity resident in Canada) therefor.
Income Tax Election. The Limited Partners may elect, by Extraordinary Resolution, that upon the dissolution of the Limited Partnership, the deemed disposition by the Limited Partnership of the Property for income tax purposes will take place at the cost amount (as defined in the Income Tax Act (Canada)) of the Property rather than the fair market value and that election will be binding upon all Limited Partners.
Income Tax Election. An ENF Electing Shareholder shall be entitled to make an income tax election pursuant to subsection 85(1) of the Tax Act, or subsection 85(2) of the Tax Act if such beneficial owner is a partnership, (and in each case, where applicable, the analogous provisions of provincial income tax law) with respect to the transfer of its ENF Shares to Enbridge and receipt of the Enbridge Shares and Cash Consideration by providing two signed copies of the necessary prescribed election form(s) to the Depositary within 90 days following the Effective Date, duly completed with the details of the number of ENF Shares transferred and the applicable agreed amounts for the purposes of such elections. Thereafter, subject to the election forms being correct and complete and complying with the provisions of the Tax Act (and applicable provincial income tax law), the forms will be signed by Enbridge and returned to such ENF Electing Shareholder within 60 days after the receipt thereof by the Depositary for filing with the Canada Revenue Agency (or the applicable provincial taxing authority) by such ENF Electing Shareholder. Enbridge will not be responsible for the proper completion of any election form and, except for Enbridge’s obligation to return (within 60 days after the receipt thereof by the Depositary) duly completed election forms which are received by the Depositary within 90 days of the Effective Date, Enbridge will not be responsible for any taxes, interest or penalties resulting from the failure by an ENF Electing Shareholder to properly complete or file the election forms in the form and manner and within the time prescribed by the Tax Act (or any applicable provincial legislation). In its sole discretion, Enbridge may choose to sign and return an election form received by the Depositary more than 90 days following the Effective Date, but Enbridge will have no obligation to do so.
Income Tax Election. The Purchaser and the Vendor agree to elect jointly to have the rules in subsection 20(24) of the Tax Act, and any equivalent or corresponding provision under applicable provincial or territorial tax legislation, apply to the obligations of the Vendor in respect of undertakings which arise from the operation of the Business and to which paragraph 12(1)(a) of the Tax Act applies. The Purchaser and the Vendor acknowledge that the Vendor is transferring assets to the Purchaser which have a value equal to the elected amount as consideration for the assumption by the Purchaser of such obligations of the Vendor.
